The City of New Braunfels has announced an overall increase of approximately $77,000 or 2.6% in sales taxes received in October (for the month of August) compared to the same month last year.
When the various adjustments to the monthly payment are removed, net August sales tax collections increased by approximately 3.4%.
“With the release of the August figures, we are able to report that gross sales tax collections for the first ten months of fiscal year 2020 have increased by 4.1%,” said Jared Werner, Chief Financial Officer. “The August figures were a pleasant surprise. Multiple factors help to explain the fluctuation in sales tax activity since the onset of the pandemic. First, a continued shift/increase in discretionary spending towards home improvement stores, grocery stores, and online sales. The increase in these areas, among others continue to help mitigate the loses from other service and travel related industries such as full-service restaurants and traditional retail.”